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Electronic Arts has rallied to its highest levels since May, but one trader is positioning for a ceiling above the shares.

EA is up 1.6 percent to $14.47. The digital game company had declined steadily after trading above $25 last November but has been rebounding since hitting a 52-week low of $10.77 at the end of August, its lowest price since 1999.

optionMONSTER's systems show that almost 7,000 December 17 calls have traded against open interest of 938 contracts, clearly indicating new activity. They were sold from $0.48 down, with a block of 6,268 going for the bid price of $0.46.

The calls may have been sold naked, which would have a bearish bias but profit at expiration with EA anywhere below $17. If the options were traded against stock as a covered call, the position would take a maximum profit at or above $17 but would give up any gains beyond that price. (See our Education section)

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